10th Feb 2016 08:31
LONDON (Alliance News) - Pinewood Group PLC shares rose on Wednesday after it said it has higher expectations for its full year results than it outlined at the end of the first half of the financial year.
Pinewood shares were trading up 15% to 515.50 pence per share on Wednesday morning, one of the biggest gainers on the London market.
The film studio operator said film revenues have benefited from "robust growth" in ancillary sales since the start of 2016 and said it continues to operate at high stage utilisation levels.
Pinewood said television revenue has performed well so far in the second half of the financial year, which is due to end in March, with revenue from the media hub division also performing strongly. Media investment revenue has also grown in the second half of the financial year, as expected, the company said.
"Accordingly, management's current expectations of performance for the financial year ending March 31, 2016 are now higher than at the time of the interim results last December," said Pinewood.
"As we come close to the end of the financial year, the benefits of our long term strategy for the business are again being realised. The Company continues to experience strong demand for its facilities and services as we look forward to the new financial year," added Chief Executive Ivan Dunleavy.
By Joshua Warner; [email protected]; @JoshAlliance
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